North Shore InnoVentures in Beverly serves as incubator for tech startups

Friday

Nov 3, 2017 at 2:41 PM

Jennie Oemig beverly@wickedlocal.com @BeverlyCitizen

On the fourth floor of the 100 Cummings Center building, there’s something pretty special happening. Nearly two-dozen biotechnology and clean technology startups are utilizing offices, labs, conference rooms and other spaces in order to get their companies off the ground.

All of that is being made possible by North Shore InnoVentures, which serves as an incubator for these types of startups.

“We have different companies doing very different things here,” said Martha Farmer, president and CEO of North Shore InnoVentures.

And that’s a very accurate assessment, as some folks are researching data analytics to improve treatment delivery and outcomes for patients undergoing cancer treatment, while others are developing small-scale hydroelectric facilities that can be integrated into aging dams.

Farmer pointed out that several of the companies that are housed within the Cummings Center space bring in interns from area colleges to work on projects, ultimately giving those folks a leg up when they go to apply for a job post-graduation.

“When a lot of kids get internships, they’re put to work filing,” she said. “Not here.”

Meredith Bemus, a senior at Endicott College is currently working along scientists at Genomic Expression, a startup that is assisting in the clinical development of new cancer drugs.

“Endicott has such a great program that allows up to get out into the real world,” she said, adding that she’s really enjoying the opportunity to get hands-on experience. “It’s meaningful work; that’s what’s most important for me.”

With standard lab equipment and setup already done, companies can move in and get started working immediately.

“We have a lot of corporate sponsors who support us,” Farmer said. “Grants and sponsorships make all the difference.”

Several sponsors provide member companies with as much as $10,000 of pro bono legal, accounting, marketing and other business services. The non-profit has also been known to receive equipment donations.

North Shore InnoVentures also manages all aspects regarding lab safety, waste, utilities, Internet, IT and equipment maintenance, which is another load off folks trying to get their feet under them.

“For a biotech startup, you can’t do it in your garage,” Farmer pointed out. “You have to be in a facility that has the proper HVAC.”

And for many people who are trying to get a biotech startup going, the cost associated with acquiring access to a proper facility can be daunting.

“We take on that piece of the operation, which allows them to save money and go further,” said Trish Fleming, director of mentoring at North Shore InnoVentures. “That way, they don’t have to spend the salary of a full-time employee to pay for a space.”

So far, North Shore InnoVentures has incubated 40 businesses, which has, in turn created over 275 jobs and provided 165 paid internships.

And Farmer is hopeful that, as North Shore InnoVentures continues to expand, those numbers will keep growing.

There are currently three incubation space openings at North Shore InnoVentures; anyone who has a biotech or cleantech startup and might be interested in the opportunity to join the community should visit www.nsiv.org to apply for a space.